SPX Pulls Back after 4-day Advance...Core CPI Inline with Consensus...FAST, WBA Earnings Reaction Lead SPX, NDX...JPM and More Friday BMO...

 

© 2023

FAST, WBA released earnings and were the largest percentage gainers in the SPX -27.34.  The SPX opened higher after the pre-market CPI report and traded higher for about three hours, rolled over and closed lower on what was likely, at least in part, selling from profit-taking after a four-day advance.

CPI Report: M/M 0.4% vs 0.3% exp, Y/Y 3.7% vs. 3.6% exp. = miss, blue line

Core CPI M/M 0.3% vs 0.3% exp, Y/Y 4.1% vs. 4.3% exp. = inline, red line

Graph source: BLS CPI News release Oct. 12, 2023

Breadth was negative on Thursday.

Various Fed speakers are scheduled to speak throughout the week.

Earnings season unofficially starts Friday, October 13 with JPM, C, WFC, UNH, BLK, PGR, PNC EPS.

Mega caps AAPL, AMZN, NVDA rose and MSFT, META, GOOGL, TSLA fell on Thursday.

SPY down 2.66 at 433.66, on 81.0 million shares, average volume, closed lower on higher volume after CPI report.

VIX up .60 at 16.69

QQQ down 1.29 at 369.93

WBA, NKE AMGN, AAPL led the DJIA, 12 advancers, -1

FAST, WBA, ALB, GWW, LRCX, AMAT led the SPX, 83 advancers

FAST, WBA, KLAC, AVGO, led the NDX, 29 advancers.

The two-year trend term is sideways.  The one-year trend is up.

Up: 

Down:  QQQ, DIA, SPY, IWM,

Two of eleven sectors were higher on Thursday, led by XLE, XLK and XLF.

The SPY MFC green line is pointed up at 39 and is short-term bullish.  SPY opened higher and closed lower.

Uptrend sectors:   XLE, XLC, XLK,

Neutral sectors:  XLY, XLI, XLF, XLB, XLV,

Down trend sectors:  XLU, XLRE, XLP,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up a little

29 of 100 NDX stocks closed higher on Thursday.

56 NDX stocks are above their 30 DMA:  SGEN, PDD, CRWD, COST, META, SIRI, AMGN, EA, GOOGL, PCAR, SNPS, TSLA, VRTX, BIIB, REGN, ADP, AMD, CDNS, CEG, CPRT, CSGP, CSX, FAST, INTU, MCHP, MSFT, NVDA, ODFL, PANW, TMUS, TTD, XEL, ZS, AAPL, AVGO, CHTR, CTAS, FANG, PAYX, VRSK, ADSK, AZN, ENPH, GILD, INTC, KLAC, MRVL, NXPI, WBA, ADBE, EXC, MU, AMAT, ASML, LRCX, QCOM,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 4

AMAT, ASML, LRCX, QCOM,

Moving Below 30 DMA = 2

GEHC, ON,

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